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Goldman Sachs buying crypto firms, FTX news, 3AC and Celsius updates: Hodler’s Digest Dec. 4-10
Top Stories This Week
7 class action lawsuits have been filed against SBF so far, records show
Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits filed since the fall of his crypto empire. These lawsuits, however, are separate from the numerous probes and investigations examining the crypto exchange and its founder, including a reported market manipulation probe by federal prosecutors. Another headline shows the United States House of Representatives has called on SBF to speak at a hearing on Dec. 13. Amid investigations by lawmakers and a flurry of civil litigation, SBF hired former federal prosecutor Mark Cohen to act as his defense attorney. A team of financial forensic investigators was also hired by FTX’s new management to track down the billions of dollars worth of missing customer crypto.
3AC subpoenas issued as dispute grows over claims of Terraform dump
An order signed by a federal judge overseeing the bankruptcy proceedings of Three Arrows Capital has authorized subpoenas for the company’s former leadership, including co-founders Su Zhu and Kyle Davies. Under the authorized subpoenas, Zhu and Davies are required to hand over any “recorded information, including books, documents, records, and papers” related to the firm’s financial affairs or property. The founders will not be served on Twitter, as previously required by the advisory firm and liquidator in this case, Teneo.
Goldman Sachs buying crypto firms, FTX news, 3AC and Celsius updates: Hodler’s Digest Dec. 4-10
Top Stories This Week
7 class action lawsuits have been filed against SBF so far, records show
Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits filed since the fall of his crypto empire. These lawsuits, however, are separate from the numerous probes and investigations examining the crypto exchange and its founder, including a reported market manipulation probe by federal prosecutors. Another headline shows the United States House of Representatives has called on SBF to speak at a hearing on Dec. 13. Amid investigations by lawmakers and a flurry of civil litigation, SBF hired former federal prosecutor Mark Cohen to act as his defense attorney. A team of financial forensic investigators was also hired by FTX’s new management to track down the billions of dollars worth of missing customer crypto.
3AC subpoenas issued as dispute grows over claims of Terraform dump
An order signed by a federal judge overseeing the bankruptcy proceedings of Three Arrows Capital has authorized subpoenas for the company’s former leadership, including co-founders Su Zhu and Kyle Davies. Under the authorized subpoenas, Zhu and Davies are required to hand over any “recorded information, including books, documents, records, and papers” related to the firm’s financial affairs or property. The founders will not be served on Twitter, as previously required by the advisory firm and liquidator in this case, Teneo.
Goldman Sachs buying crypto firms, FTX news, 3AC and Celsius updates: Hodler’s Digest Dec. 4-10
Top Stories This Week
7 class action lawsuits have been filed against SBF so far, records show
Former FTX CEO Sam Bankman-Fried has been named in seven class action lawsuits filed since the fall of his crypto empire. These lawsuits, however, are separate from the numerous probes and investigations examining the crypto exchange and its founder, including a reported market manipulation probe by federal prosecutors. Another headline shows the United States House of Representatives has called on SBF to speak at a hearing on Dec. 13. Amid investigations by lawmakers and a flurry of civil litigation, SBF hired former federal prosecutor Mark Cohen to act as his defense attorney. A team of financial forensic investigators was also hired by FTX’s new management to track down the billions of dollars worth of missing customer crypto.
3AC subpoenas issued as dispute grows over claims of Terraform dump
An order signed by a federal judge overseeing the bankruptcy proceedings of Three Arrows Capital has authorized subpoenas for the company’s former leadership, including co-founders Su Zhu and Kyle Davies. Under the authorized subpoenas, Zhu and Davies are required to hand over any “recorded information, including books, documents, records, and papers” related to the firm’s financial affairs or property. The founders will not be served on Twitter, as previously required by the advisory firm and liquidator in this case, Teneo.
5 tips for investing during a global recession
The market may be experiencing some tough days, but that doesn’t have to stop you from finding ways to prosper.
Bitcoin price liquidation risk increases as BTC struggles to reclaim $18K
Leveraged long margin traders are playing with a hot potato, and with BTC struggling at $17,000, they might get burned sooner than later.
Bitcoin price liquidation risk increases as BTC struggles to reclaim $18K
Bitcoin (BTC) price had a mixed reaction on Dec. 9 after the November report on United States producer prices showed a 7.4% increase versus 2021. The data suggested that wholesale costs continued to rise and inflation may last longer than investors had previously believed. Oil prices are also still a focus for investors, with crude WTI hitting a new yearly low at $71.10 on Dec. 8.
The United States Dollar Index (DXY), a measure of the dollar’s strength against a basket of top foreign currencies, sustained the 104.50 level, but the index traded at 104.10, a 5-month low on Dec. 4. This signals low confidence in the U.S. Federal Reserve’s ability to curb inflation without causing a significant recession.
Trader gutsareon noted that the choppy activity caused leverage longs and shorts to be liquidated, but it was followed by a failed tentative dump below $17,050.
According to the analysis, the open interest stagnation on futures contracts indicated low confidence from bears.
Regulatory uncertainty could have played a key role in limiting Bitcoin's upside. On Dec. 8, the United States Securities and Exchange Commission (SEC) issued new guidance that could see publicly traded companies disclose their exposure to crypto assets.
Binance suspends trader's account after complaints on Twitter
Crypto exchange Binance closed a trader account on Dec. 9 after a user complained about the exchange's response for alleged funds theft. Binance CEO Changpeng “CZ” Zhao said the firm does not want to service "unreasonable" clients.
A user by the name of CoinMamba on Twitter started complaining about the lost funds on Dec. 8, claiming that a leaked API key tied to crypto trading firm 3Commas was used "to make trades on low cap coins to push up the price to make profit."
The trader claims in a series of tweets that Binance was unable to provide him with appropriate support:
Binance CEO also took to Twitter on Dec. 9 to clarify the situation:
As the user continued to complain on the social media platform, CZ admitted in another tweet to be considering putting the user's account “in off boarding (withdrawal only) mode", claiming "we don’t want to service people who are unreasonable.” The tweet was later deleted, but is still available as a screenshot in the thread. The user's account was then closed, with three days to withdraw funds.
What is spot trading in crypto and how does it work?
In a spot market, traders can immediately exchange their cryptocurrency for fiat currency or another cryptocurrency by placing a buy or sell order.
Gensler’s approach toward crypto appears skewed as criticisms mount
While the SEC chairman has promised to make crypto safer for everyone, the recent slew of company collapses seems to suggest otherwise.
Bitcoin bulls protect $17K as trader eyes key China BTC price catalyst
China offers a potential leading indicator for Bitcoin price strength with U.S. economic data due next week.
Bitcoin bulls protect $17K as trader eyes key China BTC price catalyst
Bitcoin (BTC) maintained $17,000 support into Dec. 10 ahead of a critical week of macro data.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewCPI print will make Fed "slow down"
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded sideways after the close of trading on Wall Street.
The pair looked set for a quiet weekend, with all eyes focused on United States inflation readings and policy updates due from Dec. 13 onward.
With the Producer Price Index (PPI) November print behind it, the month’s Consumer Price Index (CPI) results took center stage.
As Cointelegraph reported, expectations remain that CPI will show U.S. inflation continuing to abate, sparking renewed strength in risk assets, including crypto.
Florida best-prepared US state for widespread crypto adoption: Research
While US the most dominant player in crypto, a state-wise analysis reveals that not all 50 states are equally prepared for the inevitable mainstream crypto adoption.
US DOJ reportedly investigating FTX CEO for siphoning funds out of the US
The anonymous informant revealed that DOJ officials met with FTX’s court-appointed overseers to discuss the scope of the information they need for further investigation.
Bahamian attorneys pursue access to FTX data of international customers
The Bahamian attorneys filed an emergency motion with a Delaware bankruptcy judge requesting access to FTX’s customer database to aid their ongoing investigations.
Data shows the Bitcoin mining bear market has a ways to go
The 2022 bear market is impacting BTC miners in more extreme ways than previous downturns, especially with so many publicly listed miners struggling with their debt obligations.
Data shows the Bitcoin mining bear market has a ways to go
The 2022 bear market is impacting BTC miners in more extreme ways than previous downturns, especially with so many publicly listed miners struggling with their debt obligations.